金新农(002548) - 2024 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2024 reached ¥4,562,099,127.28, representing a 12.91% increase compared to ¥4,040,387,757.83 in 2023[22]. - The net profit attributable to shareholders for 2024 was ¥30,157,705.92, a significant turnaround from a loss of ¥659,867,676.25 in 2023, marking a 104.57% improvement[22]. - The net cash flow from operating activities increased by 238.85% to ¥423,438,908.76 in 2024, up from ¥124,962,731.98 in 2023[23]. - Basic earnings per share for 2024 improved to ¥0.04, compared to a loss of ¥0.84 per share in 2023, reflecting a 104.76% increase[23]. - The total assets of the company decreased by 9.58% to ¥5,410,486,028.67 at the end of 2024, down from ¥5,983,408,511.88 at the end of 2023[23]. - The company's net assets attributable to shareholders increased by 2.28% to ¥1,514,457,476.43 at the end of 2024, compared to ¥1,480,744,605.77 at the end of 2023[23]. - The company achieved operating revenue of 4,562.10 million yuan, a year-on-year increase of 12.91%[54]. - The net profit attributable to shareholders was 30.16 million yuan, marking a return to profitability[54]. Business Operations - The main business includes the research, production, and sales of pig feed, as well as pig farming, following a strategic shift from initial focus on pig feed only[21]. - The company has extended its business chain through investments and acquisitions since 2014, diversifying its operations[21]. - The company operates under a "parent company unified management, subsidiary decentralized production" model[50]. - The feed business generated a sales volume of 880,800 tons, up 29.51% year-on-year, with a profit of 65.09 million yuan[54]. - The pig farming business had a slaughter volume of 1,201,000 heads, an increase of 14.73% year-on-year, resulting in a profit of 199.05 million yuan[54]. Market Conditions - The company faces major risks including fluctuations in pig prices, raw material costs, disease outbreaks, environmental compliance, and food safety[5]. - The company has noted that the feed industry is entering a phase of stock competition, with a slowdown in growth and intensified competition among enterprises[31]. - The production of pig feed in 2024 is 14,391.3 million tons, down 3.9% year-on-year, primarily due to adjustments in pig production capacity and weak consumption recovery[32]. - The average price of pig feed is expected to decrease in 2024, following a significant drop in the prices of corn and soybean meal, which are key raw materials[32]. - The company acknowledges the cyclical nature of the pig farming industry, with risks associated with price fluctuations potentially impacting profitability[140]. Research and Development - The company has developed a three-dimensional feed nutrition system focusing on precise nutrition, disease-resistant nutrition, and micro-ecological nutrition, enhancing feed conversion rates[66]. - The company is developing a new feed product based on mannan oligosaccharides aimed at improving gut health and immune function in piglets[83]. - A concentrated feed for pregnant sows is being developed to enhance ovulation rates and reduce constipation, with a focus on using organic microorganisms and plant extracts[83]. - The company has completed research on a low carbon-nitrogen feed formulation for sows, which aims to support sustainable development in pig farming[83]. - High-throughput sequencing technology is being applied for rapid pathogen detection, significantly improving sensitivity and reducing costs compared to traditional methods[85]. Governance and Compliance - The company emphasizes the importance of rational investment and awareness of risks associated with forward-looking statements[5]. - The company’s financial report is guaranteed to be true, accurate, and complete by its board of directors and management[5]. - The company has established a transparent performance evaluation system for senior management, linking compensation to key performance indicators (KPIs)[158]. - The company actively respects the rights of stakeholders, focusing on fair business practices and maintaining a positive corporate image[160]. - The company has complied with the requirements of the Articles of Association and the resolutions of the shareholders' meeting regarding the cash dividend policy[200]. Future Outlook - For 2025, the company aims to achieve operating revenue of over 5.5 billion yuan, focusing on cost reduction and efficiency improvement[131]. - The company plans to implement five strategic initiatives to ensure the achievement of its 2025 goals, including organizational efficiency upgrades and core capability construction[132][133]. - The company will enhance its breeding innovation by promoting high-performance breeding stock and optimizing genetic progress[134]. - The company intends to optimize feed formulations and develop new raw materials to reduce costs and improve efficiency[134]. - The company will focus on resource utilization and environmental sustainability by upgrading waste treatment systems[133]. Risk Management - The company has established a risk management system for its futures and derivatives trading, including a decision-making group and risk managers[108]. - The company plans to strictly control the scale of hedging funds and use margin effectively to mitigate risks[108]. - The company faces significant risks from diseases such as African swine fever, which could lead to increased costs and reduced production efficiency[143]. - Environmental compliance risks are heightened due to stricter regulations, necessitating ongoing investments in pollution control facilities[145]. Shareholder Relations - The company held 4 shareholder meetings during the reporting period, ensuring equal rights for all shareholders and providing both on-site and online voting options[154]. - The company has established special accounts for managing the raised funds[112]. - The company has not reported any major changes in the use of funds or significant delays in project implementation[116]. - The company has proposed to evaluate the performance of the accounting firm for the 2023 audit[194]. - The company has established a three-year shareholder return plan for 2024-2026, which includes clear dividend standards and ratios[199].